Pier 1 Imports, Inc. Announces Management Changes
August 08 2017 - 4:15PM
Business Wire
Pier 1 Imports, Inc. (NYSE:PIR) today announced that Jeffrey N.
Boyer, Executive Vice President and Chief Financial Officer, is
leaving the Company effective October 3, 2017 to become Chief
Financial Officer of Fossil Group, Inc. (Nasdaq GS: FOSL), where he
has been a member of the Board of Directors since 2007. Pier 1
Imports is in the process of appointing an executive search firm to
conduct a comprehensive search for a new CFO. Separately, the
Company is very pleased to announce the appointment of IT Veteran
Bhargav J. Shah, 41, as Senior Vice President and Chief Information
Officer, effective immediately.
Alasdair James, President and Chief Executive Officer, stated,
“On behalf of Pier 1 Imports’ Board of Directors and management
team, we thank Jeff for his financial leadership and many
contributions to Pier 1 Imports over the past two years and welcome
Bhargav to the Company. Jeff manages a strong team that will
continue driving our financial functions and supporting our
strategy. We wish Jeff well and are pleased he will be here to
ensure a smooth transition during this important time.”
Mr. Boyer stated, “I have been very fortunate to have spent the
past two years working with a fantastic team in this highly
collaborative culture. The Company is well positioned to drive
long-term growth under Alasdair’s leadership. I wish them all the
best in their journey as I make the transition from a long-term
board member to a management role at Fossil Group.”
Bhargav Shah comes to Pier 1 Imports with nearly 20 years of
broad-based technology, digital and supply chain experience. His
roles and successes in his two most recent positions – CIO and Head
of e-Commerce at IntegraCore, a global supply chain management
company, and CIO and CTO at online retailer Overstock.com (Nasdaq:
OSTK) – are a strong fit with Pier 1 Imports’ growth strategy.
During his tenure at IntegraCore, Bhargav led the Company’s
e-Commerce initiative and built an online sales model for supply
chain automation and logistics. At Overstock.com, Bhargav increased
data usage to automate and improve decision-making and drove
customer centricity across devices and channels, resulting in
improved customer engagement and cross-channel growth. Earlier in
his career, Bhargav held information technology positions at KPMG,
LLP, Pfizer Inc. and Ernst & Young, LLP. He earned a Bachelor
of Chemical Engineering from the University of Mumbai and an MBA,
Finance and Technology, from Bentley University in Waltham, MA.
Commenting on the appointment of Bhargav, Mr. James stated, “We
are pleased to have someone with Bhargav’s expertise join Pier 1
Imports. He brings a diverse skill set that includes IT strategy,
cloud computing, artificial intelligence and machine learning, as
well as an impressive track record of driving automation and
growth. Importantly, we also expect to benefit from his retail
systems experience. We look forward to Bhargav’s contributions as
our organization focuses on utilizing more data-driven initiatives
to fuel efficiency, sophistication and improved performance.”
Financial Disclosure Advisory
Except for historical information contained herein, the
statements in this press release or otherwise made by our
management in connection with the subject matter of this press
release are forward-looking statements (as such term is defined in
the Private Securities Litigation Reform Act of 1995) and involve
risks and uncertainties and are subject to change based on various
important factors. This press release includes forward-looking
statements that are based on management’s current estimates or
expectations of future events or future results. These statements
are not historical in nature and can generally be identified by
such words as “believe,” “expect,” “estimate,” “anticipate,”
“plan,” “may,” “will,” “intend” and similar expressions.
Management’s expectations and assumptions regarding future results
are subject to risks, uncertainties and other factors that could
cause actual results to differ materially from the anticipated
results or other expectations expressed in the forward-looking
statements included in this press release. These risks and
uncertainties include, but are not limited to: the effectiveness of
the Company’s marketing campaigns, merchandising and promotional
strategies and customer databases; consumer spending patterns;
inventory levels and values; the Company’s ability to implement
planned cost control measures; expected benefits from the real
estate optimization initiative, including cost savings and
increases in efficiency; risks related to U.S. import policy; and
changes in foreign currency values relative to the U.S. Dollar.
These and other factors that could cause results to differ
materially from those described in the forward-looking statements
contained in this press release can be found in the Company’s
Annual Report on Form 10-K and in other filings with the SEC. Refer
to the Company’s most recent SEC filings for any updates concerning
these and other risks and uncertainties that may affect the
Company’s operations and performance. Undue reliance should not be
placed on forward-looking statements, which are only current as of
the date they are made. The Company assumes no obligation to update
or revise its forward-looking statements.
About Pier 1 Imports
Pier 1 Imports is dedicated to offering customers exclusive,
one-of-a-kind products that reflect high quality at a great value.
Starting with a single store in 1962, Pier 1 Imports’ product is
now available in retail stores throughout the U.S. and Canada and
online at pier1.com. For more information about Pier 1 Imports or
to find the nearest store, please visit pier1.com.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170808006416/en/
Pier 1 Imports, Inc.Bryan Hanley, 817-252-6083
Pier 1 Imports (NYSE:PIR)
Historical Stock Chart
From Aug 2024 to Sep 2024
Pier 1 Imports (NYSE:PIR)
Historical Stock Chart
From Sep 2023 to Sep 2024